Here’s why ‘Solana killer’ skyrocketed 18% today

As many assets in the cryptocurrency market start to slowly recover after recent losses, Sui Network (SUI), the so-called ‘Solana (SOL) killer’ or the ‘next Solana-like big mover’ has skyrocketed almost 18% in the last 24 hours, catching the attention of many crypto traders.

Indeed, the huge rise of the currently 28th-largest token in the crypto sector by market capitalization has sparked curiosity over what has led it to surpass every other digital asset in daily gains, as well as making it the second top mover in terms of weekly price increases.

Specifically, SUI has today advanced by a whopping 17.88%, adding up to its 27.23% gain across the past seven days, and accumulating an increase of 5.39% over the last month, as it reached the price of $1.04, according to the most recent data retrieved on September 12.

Why is Sui crypto price up today?

Notably, one reason for the rise could be the announcement by digital assets manager Grayscale that it has opened its recently launched crypto investment trust for SUI, called Sui Trust, to accredited investors, providing qualified investors with exposure to crypto assets.

Grayscale Sui Trust is open to eligible accredited investors seeking exposure to $SUI, a third-generation blockchain designed to help address scalability and transaction costs.

Click below to learn more about Grayscale Sui Trust or reach out to us: https://t.co/WgCAFA7E8L pic.twitter.com/gic7kJDzF6

— Grayscale (@Grayscale) September 11, 2024

Furthermore, other reasons could lie in a trove of significant updates in the Sui ecosystem, including the upcoming introduction of SuiPlay, a Web3-native handheld gaming device set to hit the shelves in the first half of 2025, positioning Sui as a major player in the Web3 gaming sector.

📣 Reserve your piece of history: the world’s first Web3-native handheld gaming device.

🚨 Pre-order your #SuiPlay0X1 now: https://t.co/9nbUau78qY

Launching in H1 2025!

💧 #Suitember is kicking off strong! pic.twitter.com/JCFUD5xNkA

— SuiPlay (@SuiPlayOfficial) September 3, 2024

On top of that, the recent Mysticeti upgrade has boosted its blockchain performance, shortened transaction times, and improved scalability, further establishing Sui as a strong competitor to the likes of Solana, and potentially justifying its ‘Solana killer’ moniker.

With the release of Mysticeti, Sui Core is providing the fastest settlement finality for both owned and shared object transactions. As a result, our team will be focusing more closely on other aspects of user interactions on Sui that may impact overall end-to-end (e2e) latencies… pic.twitter.com/fZbgfg3jfk

— Dmitri Perelman (@PerelmanDmitri) September 5, 2024

All things considered, the Sui ecosystem’s rise in the crypto sector could continue, boosting the price of its token as it develops further. That said, trends in the crypto market can change unexpectedly, so making any definite Sui crypto price prediction is challenging.

For this reason, doing one’s own due diligence, including carrying out detailed research, keeping up with any Sui crypto news, and carefully weighing all the risks involved, is critical when investing substantial sums of money in this token, as is with any other asset.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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